How much is the value of track record and reputation?

This is something tickling my mind. How much value do you put on track record and reputation?

Yes, this is part and parcel of the intangible asset but how do you deal with multiple parties with different take on the intangible worth.

For instance, if A has done work in country 1 and B has done work in country 1 and 2, then who has more reputation? Again its hard to qualify because if 2 has done little work (but still some) in country 1, then would A have more leeway in determining leadership role compared to B? Or what happens when the collective (A and B) want to go into country 2?

Now I understand why the concept of intangible asset and brand value is so hard to understand. Makes it even tougher when each have their own definition of it.